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The article examines austerity as a policy and practice that is dangerous not only for human societies and economies, but also for more-than-human ecologies and lives. Often presented as an economic tool that can 'fix' an economic crisis, austerity nevertheless carries serious environmental consequences which are not systematically documented or theorized. Here, we sketch a political ecology agenda for understanding austerity as environmental politics, focusing on three facets. First, austerity as justification for intensifying environmental destruction in the name of economic recovery. Second, austerity as a catalyst for increasing socio-environmental inequality, exacerbating colonial extractivism, and complexifying North/South binaries. Third, austerity as a socio-environmental condition that can kindle innovative environmental protection movements; but can also exacerbate climate denialism and new forms of 'othering.' The framework we offer here is pertinent at the aftermath of consecutive economic, pandemic, and inflation-induced austerity periods, when aggressive pro-growth agendas fast become normalized as prime recovery strategies.